Cardano’s Midnight airdrop and rising TVL signal growing network activity.
Cardano (ADA) has climbed to third place in Grayscale’s “Top 10 Crypto Assets by Weekly Returns,” just as the SEC’s decision on a Cardano ETF draws closer. Add in a major airdrop from Cardano’s privacy protocol Midnight, and the network has more eyes on it than it’s had in months.
Here’s how ADA is making its way up the charts.
In the week ending August 7, Cardano posted a 6.3% gain, moving up from ninth place the week before, when it had dropped 8.1%. This puts ADA just behind XRP (+9.7%) and Stellar, but ahead of big names like Ethereum, Dogecoin, and Bitcoin.
Despite the boost, ADA’s year-to-date gains stand at 6.8%, with a market cap of $28.7 billion. Its price slipped 4.79% in the last 24 hours, and is now $0.7719.
The U.S. SEC is expected to respond to Grayscale’s Cardano ETF application before the end of August, although a final decision could still be pushed to October 23. Optimism has grown after regulators clarified that some staking activities don’t qualify as securities.
Prediction platform Polymarket currently gives the ADA ETF a 75% chance of approval, which is actually down from 89% on July 10th. If it gets the green light, analysts expect fresh institutional inflows, stronger liquidity, and a boost to ADA’s bullish momentum.
Also Read: Cardano Attracts New Users After Glacier Drop Airdrop: Charles Hoskinson
Beyond the ETF buzz, Cardano’s ecosystem is getting a push from Midnight, its privacy-focused protocol. This month, Midnight launched the Glacier Drop airdrop across 8 blockchains – including Ethereum, Solana, and Polygon – to spread adoption and showcase its zero-knowledge smart contracts.
Over 35,000 users have claimed more than 739 million $NIGHT tokens (3.08% of supply), with Cardano accounting for 63.4% of claims. The multi-chain approach brings Cardano into new communities while reinforcing its own network.
Cardano’s Total Value Locked has jumped by over $100 million since late June, helped by rising meme coin activity. Meanwhile, founder Charles Hoskinson is preparing to release an audit report on IOG’s 2021 ADA token management, following accusations of token theft and has hinted at a possible defamation lawsuit after its release.
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